Carto plans to use the funds to enhance its cloud integrations. Here are the top-line bullets you need to know.
Carto, a location intelligence platform, has raised $61M in a Series C round that drew participation from Accel, Earlybird Venture Capital, Salesforce Ventures, and the European Investment Fund, among others.
How’s the company performing?
- New York-based Carto helps organizations tap into their spatial data to make key planning decisions. Its customers have used the platform to optimize delivery routes, behavioral marketing strategies, and store placement.
- The company offers connectors with databases, cloud storage services, and data warehouses.
- Carto has compiled about 10K datasets — 3,600 are open data sets, and the remaining are private.
- The company’s clients include consumer packaged goods providers, banks, local governments, credit card networks, and infrastructure companies — Coca-Cola, DHL, JLL, MasterCard, and Vodafone are included among its client base.
Why does the market matter?
- The global location intelligence market is expected to reach a value of $29.8B by 2027, growing at a CAGR of 14%, according to Global Industry Analysts.
- The adoption of cloud services and data warehouses has contributed to market growth.
- Businesses are increasingly turning to geospatial analytics solutions to enhance operational agility and productivity.